UK - Tackling the problem of retired women living in poverty is not best served by changing pension schemes in their favour, according to the actuarial profession.
The Institute of Actuaries said the government should instead address the underlying problems of discrimination they suffer.
IoA president Jeremy Goford said: “The government and others must recognise the value of occupational pensions is dependent on employment.”
He explained occupational pension schemes are indirectly biased against women for as long as women are discriminated against in employment through lower wages.
The remarks were made in response to the House of Lords’ Select Committee on Economic Affairs’ Inquiry into the economics of an ageing population.
The secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.